USD/INR technical analysis: INR to cheer exit polls projecting comfortable BJP victory

Indian Rupee to gain ground on exit polls showing comfortable win for the ruling party.
Rupee may remain better bid ahead of election results due this Thursday.

Omkar Godbole FXStreet Contributor

With exit polls of the 2019 Loksabha elections projecting a comfortable win for Bhartiya Janata Party (BJP)-led National Democratic Alliance (NDA), the Indian rupee is seen catching a bid at 9 a.m. local time, leading to a sharp drop in the USD/INR pair.

The Indian rupee may continue to gain altitude in the run up to election results due this Thursday.

The currency pair, however, will likely reverse losses on the last trading day of the week if results reveal a far weaker showing than expected for BJP or a hung parliament.

Technically speaking, the falling wedge breakout confirmed last week is set trap the USD bulls on wrong side of the market. The pair closed last week at 70.348.

Weekly chart

Trend: Bearish

Pivot points

1. R3 71.0738
2. R2 70.8119
3. R1 70.58
PP 70.3181
1. S1 70.0861
2. S2 69.8242
3. S3 69.5923

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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